Firms cash in on Abbot takeover

A raft of advisers has secured one of the biggest take-privates since the credit crisis jammed the market last summer.

Oil exploration group and Pinsent Masons client Abbot has agreed to a £906m takeover by US private equity house First Reserve in its first UK purchase.

First Reserve turned to Slaughter and May head of corporate Chris Saul and corporate partner Robin Ogle, as well as Simpson Thacher & Bartlett London-based corporate partner Euan Gorrie.

Meanwhile, corporate partner Tim Emmerson at Sullivan & Cromwell advised Abbot’s chairman and largest shareholder Alasdair Locke.

He was also advised by Goldman Sachs, which provided the debt finance package.